AUD/CAD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
While on a four-hour chart AUD/CAD is in the up-trend, it is worth mentioning that the currency pair is undergoing a correction after hitting the rising up-trend, a tendency that has led to formation of the channel down on an hourly chart. Consequently, there is a good chance the Australian Dollar will continue to lose value for some time, probably until 0.95 is reached. There the price is likely change the present downward direction and start following the scenario expected by the biggest part of the market, namely by the bulls, who in turn take up 61% of the total amount of traders.
© Dukascopy Bank SA
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